Page 105 - MEDICAL AND HEALTH INSURANCE

MEDICAL AND HEALTH INSURANCE

Schedule 9 the important notice on pre-contractual disclosure and

representation has been included in the proposal form, product

disclosure sheet and policy contract to point up their duty of disclosure to

consumers/policyholders.

The important thing to know, in FSA there are two (2) classes for clarification
and in reference to insurance business known as:

a) Life business

b) General business

6.1.2 GUIDELINES ON PRODUCT TRANSPARENCY AND DISCLOSURE

The objectives of the Guidelines are to:

 To assist customer understanding and realization of the financial products and

services.
 To enable comparison which ease uniformity in disclosure of necessary

information on financial products.

 To minimize recklessly misrepresenting a product or service and make sure to

successfully complete a sale.

 To encourage informed decision-making by the consumer.

The disclosure principles to be adopted by financial service providers regarding
information needs of the customer should be:

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